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Flowserve Corporation – Value – Zacks Rank Buy
Tracey Ryniec (August 5th, 2009) Writes:
Flowserve Corporation (FLS) recently raised its full year guidance after sales rose 6% from the first quarter. The company has surprised on estimates 4 quarters in a row by an average of 7.84%. FLS has a forward P/E of 11.4.
Company Description
Flowserve manufactures fluid motion and control products and services including industrial pumps, seals and valves as well as other products related to flow management services. The company operates in more than 55 countries.
Flowserve Surprised By 6.08% in the Second Quarter
On July 29, Flowserve reported second quarter earnings which beat the Zacks Consensus Estimate by 11 cents. Earnings per share were $1.92, or 9% lower than a year ago.
Bookings increased quarter over quarter by 7% to $1.04 billion but that was 21% lower than the second quarter of 2008. The decrease was mainly due to the changes in the chemical, oil and gas markets due
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